Fun

Huobi Becomes Latest Crypto Exchange to Disclose Proof-of-Reserves

News Feed - 2022-11-15 04:11:39

Huobi Becomes Latest Crypto Exchange to Disclose Proof-of-Reserves


Huobi, the Seychelles-based crypto exchange, recently became the latest digital asset exchange platform to reveal the number as well as the value of its digital assets held in reserves. Huobi has said disclosing the assets held in reserves helps to boost users’ confidence in the exchange as well as to improve transparency. Huobi’s ‘Inexhaustive Overview’


The Seychelles-based cryptocurrency exchange, Huobi, became the latest digital asset exchange to attempt to assuage users’ anxieties when it unveiled its so-called “proof of reserves” on Nov. 12. As shown in Huobi’s “inexhaustive overview” of digital assets held, the crypto exchange had about 32,000 BTC, 274,000 ETH, and 820 million USDT stablecoins, as well as 9.7 billion TRX tokens.


In addition to disclosing the U.S. dollar value of digital assets held — $3.5 billion — Huobi also shared a snapshot of the list of addresses where the funds are being kept. Huobi’s revelation of digital asset holdings came just two days after FTX, accused of misusing crypto clients’ funds, filed for bankruptcy.


In a statement, Huobi, which was acquired by the About Capital buyout fund in October, suggested that such disclosure helps to reassure concerned users. Before Huobi unveiled its proof of reserves, other crypto exchanges like Binance, Crypto.com, Deribit, Kucoin and Okx have all given their respective proof-of-reserves (POR) via Merkle tree and full audits. As noted in the report, when crypto exchanges display PORs, this enables users to track their token holdings and transactions.




Meanwhile, the crypto exchange said it would further boost user confidence by making the display of PORs a routine practice going forward.


“To further enhance users’ confidence and accelerate our efforts in improving transparency, we are working to perform another Merkle Tree Proof of Reserves audit with a third party within 30 days,” the crypto exchange said in a statement. Tags in this story Binance, BTC, crypto exchange, FTX Bankruptcy, KuCoin, Merkle tree, Proof of Reserves, proof of reserves audit, Stablecoin, USDT


What are your thoughts on this story? Let us know what you think in the comments section below. Terence Zimwara


Terence Zimwara is a Zimbabwe award-winning journalist, author and writer. He has written extensively about the economic troubles of some African countries as well as how digital currencies can provide Africans with an escape route. Kevin O"Leary: FTX Collapse Is a Turning Point for the Industry — "Crypto Bottom Is In" EXCHANGES | 9 hours ago Crypto Trading Platforms Deal With Massive Withdrawal Requests — Over $5 Billion in BTC, ETH Removed From Exchanges EXCHANGES | 17 hours ago


Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleVisa Terminates Agreements With Bankrupt Crypto Exchange FTX Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItOman to Incorporate Real Estate Tokenization in Virtual Assets Regulatory Framework


Real estate tokenization is set to be incorporated into Oman Capital Markets Authority (OCMA)"s virtual asset regulatory framework. According to an advisor with the authority, the tokenizing of real estate will open investment opportunities for local and foreign investors. Real ... read more.Following a Brief Fee Spike, Gas Prices to Move Ethereum Drop 76% in 12 Days Fed"s Bullard Wants to Raise Bank Rate to 3.5% by Year"s End, Hints at 75 Basis Point Rate Hike Ethereum Foundation"s Financial Report Discloses It Holds $1.6 Billion in Assets, 80.5% Held in Ether Terra"s Algorithmic Dollar-Pegged Crypto UST Is Now the Third-Largest Stablecoin

News Feed

TON ecosystem scams on the rise: How to stay safe
Helen Partz10 hours agoTON ecosystem scams on the rise: How to stay safeAs the TON blockchain is open-source and permissionless, individual users and projects must be careful to ensure their own safety.3529 Total views6
Dogecoin Price To $20? Higher Montly Close Suggests 8,000% Run Is Possible
Este artículo también está disponible en español. The Dogecoin price is starting to reverse some of its gains it made last week. At the time of writing, the Dogecoin pric
Derek Andersen2 hours agoCoinbase takes equity stake in Circle as USDC Centre Consortium shuts downCircle will take on full operational and governance responsibility after five years, thanks to increased regulatory clari
Ecuadorian Presidential Candidate Proposes a National Cryptocurrency but It Won’t Replace the Dollar
Ecuadorian Presidential Candidate Proposes a National Cryptocurrency but It Won"t Replace the Dollar An Ecuadorian presidential candidate hinted at creating a cr
Pac Finance reportedly causes $24M in liquidations via sudden parameter change
Christopher Roark2 hours agoPac Finance reportedly causes $24M in liquidations via sudden parameter changeMultiple users on social media claimed they had been liquidated after a Pac Finance admin wallet allegedly changed
Bitcoin Consolidates Below ATH – Buying Pressure Weakens As Equities Outperform
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
SEC hit with sanctions for its ‘gross abuse of power’ in Debt Box case
Brayden Lindrea2 hours agoSEC hit with sanctions for its ‘gross abuse of power’ in Debt Box caseThe SEC initially conceded it misled the court but argued a sanction wasn"t appropriate.1744 Total views1 Total sharesLi
Kiyosaki on USD ‘Implosion,’ Musk Considers Social Media, $540M in ‘Sleeping Bitcoins’ Move — Bitcoin.com News Week in Review
Kiyosaki on USD "Implosion," Musk Considers Social Media, $540M in "Sleeping Bitcoins" Move — Bitcoin.com News Week in Review It’s been another bustling week full of color
SEC Redefines Accredited Investors to Include Those With Proven Knowledge
SEC Redefines Accredited Investors to Include Those With Proven KnowledgeThe U.S. Securities and Exchange Commission (SEC) has amended the definition of accredited investors, such a
Homeowners Can’t Pay: US Lenders Prepare for Catastrophic Real Estate Market
Homeowners Can"t Pay: US Lenders Prepare for Catastrophic Real Estate Market The coronavirus has managed to seep into every facet of the global economy and it seems nothing will
$16 Billion In Possible Liquidations Suggests Where The Bitcoin Price Is Headed Next
Este artículo también está disponible en español. Crypto analyst Kevin Capital has provided insights into where the Bitcoin price may be headed next. The analyst alluded
Southeast Asia’s Largest Bank DBS Launches Full-Service Bitcoin Exchange
Southeast Asia"s Largest Bank DBS Launches Full-Service Bitcoin Exchange DBS, the largest bank in Southeast Asia, has officially announced the launch of several